Posted by ME/NJ on 9/4/08 2:32pm
Msg #263198

One thing I have noticed about closings now

Time factor- Since almost all the re-fi's I have done in the last 30 days have been FHA loans the time to close them has almost doubled.

Normal refi pak -80-100 pages done in 30 minutes or less

FHA Pak - 200-275 pages avg sign time 1.2-1.5 hours (this has added almost 2 hours of time to most of my jobs) Just an FYI for folks who bundle up closings.

Had 2 HELOCs last month and they were mods of current accounts and the rest were all FHA loans. Looks like that is all that is happening around this area.

Just wondering if others have noticed the same with FHA packages?

Reply by cdoty_IL on 9/4/08 2:39pm
Msg #263200

I have noticed this as well. I have also been doing a few VA loans and they add alot of paperwork for those as well. I am debating on asking if it is a VA/FHA loan and thinking, if anything, raising the edoc fee....Iwill go through a reim of paper in one closing but the time you print 2 copies...not to mention, as your did, the extra time.

Reply by Becca_FL on 9/4/08 3:09pm
Msg #263204

The FHAs I have been doing lately have improved in size from a year ago. My average pkg size is right around 100-110. It's the brokered deals that add the broker disclosures that really pumps up a pkg and if I have to have two sets of broker disclosures signed, I'm charging a fee for it. Why shouldn't I get paid for doing the brokers job?

Reply by PAW on 9/4/08 7:33pm
Msg #263221

Broker docs ... add $10
FHA/VA docs ... add $25
Reverse Mortgage ... add $75
Small package (less than 20 pages) ... subtract $25

Reply by cdoty_IL on 9/4/08 9:33pm
Msg #263237

good advice. I think that sounds reasonable.

Reply by Mona/MD on 9/4/08 10:13pm
Msg #263239

Re: Broker docs???? illegal to sign at settlement?

In Maryland I understand that it is illegal for us to have borrowers sign broker docs at closings. It is the responsibility of the LO to make sure the corrected docs are signed beforehand. Correct or not?

Reply by PAW on 9/5/08 9:39am
Msg #263261

Re: Broker docs???? illegal to sign at settlement?

Don't know about MD, but here in FL, it isn't all that unusual to have broker docs signed at the table for a refi. All too often, broker docs are never sent to the borrower long enough before hand or the borrower never really signs them and returns them like they're suppose to. (The latter being the case in many of my signings. The borrower always says that they received them, but never returned them.) Brokers have to have signed copies in their files, just like the lender and title company requires signed copies for their files.

Reply by cdoty_IL on 9/5/08 12:24pm
Msg #263274

Re: Broker docs???? illegal to sign at settlement?

In Illinois, I see them being included in about 50-60% of my closings. I always get them signed and have never heard otherwise...but not sure about MD. I do not know why it would not be allowed, but my opinion is not the law (unfortunately, LOL).

Reply by Kathryne_NY on 9/6/08 10:54pm
Msg #263430

How do you find out this info when talking to the TC? Do you quote them the fees and then add it up after you see the doc package? Most of the TCs I talk to don't have the docs when they make the appointment, but they want to confirm a fee right then and there.

Reply by PAW on 9/7/08 4:05am
Msg #263437

When I confirm a closing/signing with a title company, I always respond that the fee stated is an estimate. Then, if things change, like an extremely larger package, or there is a 1st and 2nd, etc., the fee may need to be adjusted. Of course, nothing is final without approval of both parties (us and the TC) and no appointment is confirmed until the final fee is negotiated.